Wednesday, January 13, 2016

Proposed regulation on Wavemaker credit

The Rhode Island Division of Taxation yesterday posted a proposed regulation on tax credits under the new “Stay Invested in RI Wavemaker Fellowship” program.

The program, which was proposed by Governor Gina M. Raimondo and approved by the General Assembly in 2015, is intended to provide an incentive to keep educated individuals in the state.

The tax credits are to help qualifying applicants, who have graduated from college and who meet program rules, to pay their higher education loans. The credits can be applied against the Rhode Island personal income tax.

A public hearing on the proposed regulation is scheduled to be held at 10:30 a.m. on February 11, 2016, in Conference Room B at the Powers Building (Department of Administration building), One Capitol Hill, Providence, R.I. The hearing will be held in conjunction with the Rhode Island Commerce Corporation.

Details about public comments and other matters are contained in the proposed regulation, which was filed with the Rhode Island Secretary of State. The proposed regulation mirrors one filed by the Commerce Corporation. To view it, please click here.